March.16.2021
We have advised Copenhagen Infrastructure Partners (CIP) on the sale of its 35% equity interest in the Beatrice offshore wind farm to The Renewables Infrastructure Group Limited (TRIG) and to funds managed by Equitix Management Limited (Equitix). TRIG and Equitix each acquired a 17.5% interest in Beatrice and will join SSE plc (40%) and Red Rock Power (25%) as shareholders. We also advised CIP on the sale of its senior debt participation in Beatrice’s project financing to Credit Agricole Corporate and Investment Bank.
Beatrice is a 588MW offshore wind farm located 13.5km from the coastline in the Outer Moray Firth in Scotland. It comprises 84 Siemens 7MW turbines and provides electricity for up to 635,000 homes. It is the largest operational offshore wind farm in Scottish waters.
The Orrick team advising CIP on the equity disposal was led by Evan Stergoulis, closely supported by Nicholas Connell, Rebecca Grevitt and Sejal Patel. Douglas Lahnborg and Matthew Rose advised on EU and UK competition matters, and Jonathan Rosen advised on tax matters. Adam Smith and Oliver Sikora advised on the transfer of CIP’s senior debt participation.
Evan commented, “We are delighted to have advised long-standing client CIP on this disposal, which demonstrates Orrick’s global market-leading expertise in high end renewables transactions, including the offshore wind sector.”